FxWirePro: USD/CNY hovers around 7.09 mark in early Asia, faces key hurdle at 7.0982 mark
USD/CNY is currently trading around 7.0870 marks. It made intraday high at 7.0899 and low at 7.0814 levels. Intraday bias remains bullish till the time pair holds key support at 7.0666 mark. A sustained close above 7.091…
It made intraday high at 7.0899 and low at 7.0814 levels.
Intraday bias remains bullish till the time pair holds key support at 7.0666 mark.
A sustained close above 7.0913 marks will test key resistances at 7.0982, 7.1022, 7.1095 and 7.1266 marks respectively.
Alternatively, a daily close below 7.0666 will drag the parity down towards key supports at 7.0525, 7.0449, 7.0319, 7.0285, 7.01, 7.0076, 6.9857 and 6.9510 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
China sets Yuan reference rate against U.S. dollar at 7.0710 mark.
We prefer to take long position in USD/CNY around 7.0870, stop loss at 7.08 and target of 7.0982/7.1022.
